Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 801 · 40 questions

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

1. 1.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
2. 2.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.A small business sells 30 bags of popcorn at ₹35 each. Its costs are ₹10. What is its profit (in ₹)?
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
7. 7.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.A small business sells 39 handmade cards at ₹45 each. Its costs are ₹160. What is its profit (in ₹)?
10. 10.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
11. 11.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) one owner runs it (d) simplest to start
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) run by directors
13. 13.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.A small business sells 26 painted pebbles at ₹50 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
17. 17.True or false: “owned by shareholders” is true of a company. (a) False (b) True
18. 18.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
19. 19.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
20. 20.A small business selling handmade cards had a revenue of ₹435 and a profit of ₹145. What were its costs (in ₹)?
21. 21.A small business sells 35 friendship bands at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
22. 22.A small business sells 17 fruit cups at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
23. 23.A small business selling fruit cups had a revenue of ₹950 and a profit of ₹930. What were its costs (in ₹)?
24. 24.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.A small business selling cupcakes had a revenue of ₹705 and a profit of ₹125. What were its costs (in ₹)?
27. 27.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
28. 28.A small business sells 59 painted pebbles at ₹40 each. Its costs are ₹1930. What is its profit (in ₹)?
29. 29.A small business sells 40 fruit cups at ₹25 each. What is its revenue (in ₹)?
30. 30.A small business sells 49 glasses of chai at ₹50 each. Its costs are ₹1930. What is its profit (in ₹)?
31. 31.A small business sells 16 friendship bands at ₹40 each. What is its revenue (in ₹)?
32. 32.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
33. 33.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner keeps all profit (d) run by directors
34. 34.A small business selling paper bookmarks had a revenue of ₹450 and a profit of ₹400. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
36. 36.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
37. 37.True or false: “run by directors” is true of a company. (a) True (b) False
38. 38.A small business sells 45 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
39. 39.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
40. 40.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company

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